Millions of savers face pension shock in Budget

Upcoming pension tax changes could reduce millions of people’s retirement savings by tens of thousands of pounds.

Darren Laverty, Partner at Secondsight, says ‘Taking into account an annual growth rate of 5 per cent, any individual with a fund currently worth £358,000 with 20 years to go until retirement is likely to hit the £1million ceiling. Similarly, someone retiring in 15 years with a pension pot today of £463,000 could also be affected.’

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